BMC Capital originated a $4.7 million loan for an apartment project in Irving, Texas
Dallas, TX -- (ReleaseWire) -- 10/24/2006 --BMC Capital announced on Friday, October 20, 2006, that it originated a $4.7 million acquisition loan for a 230-unit apartment project in Irving, Texas.
“Full leverage with a step down prepay schedule was very important to these investors,” says Steve Sieling, a vice president at BMC Capital’s Dallas headquarters. “Securing a full-leverage loan was challenging because the property was just out of a rehab setting, and residents had received concessions until very recently.” However, Sieling was familiar with the property because he had provided the sellers with their current loan on the project. Because of this knowledge, he and BMC Capital were able to meet the borrower’s needs.
Sieling originated the loan for West Coast investors, who received a five-year fixed rate on an 80% loan-to-value mortgage. The loan also featured a 30-year amortization schedule. John Barker of Marcus and Millichap represented the seller.
BMC Capital is a leading lender for small-balance multifamily loans in Texas and anticipates originating at least 150 such transactions in 2006.
About BMC Capital, LP
BMC Capital, LP is the country’s leading specialist for providing multifamily, commercial, owner/user and hospitality mortgage loans in the $500,000 to $5 million range. Headquartered in Dallas, BMC Capital has offices around the country and finances real estate in all 50 states.